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Pradhan Mantri Awas Yojana

What is PMAY? Check List of PMAY Approved Projects in Gurgaon

Functioning on the model of “housing for all”, Pradhan Mantri Awas Yojana (PMAY) is set to provide housing units to middle income group, economically weaker section, and lower income group. The scheme was launched on June 25, 2015 by our Honorable Prime Minister Narendra Modi. As a part of this scheme, credit linked subsidy will be offered by the agencies to the people willing to take home loan. It is a wonderful scheme offered by the central government to realize the dream of owning a house by various people. Rather, it is a blessing in disguise for middle and low income group people, who might not afford a dream home.

PMAY Guidelines

Going as per the guidelines of the scheme, the subsidy will be provided on the home loans taken for
renovation to existing house or for any new construction. Certainly, the interest subsidy benefits are
set to be offered over the principal outstanding amount. The accessibility and interest subsidy
amount will be given only if the applicant meets the income criteria as per different categories
mentioned under the scheme. So, taking benefit from the scheme will help the applicants in making
the best of home loans by the government. Indeed, the house made available for low income group
would have a carpet area of 30 sqmt; though, the size of the house may vary as per the guidelines
provided by state government.

PMAY Gives importance to the woman

Giving preference and importance to the woman of the house, it is mandatory that a woman should
be the owner of the house of a co-owner. In fact, relatable options have been adopted to make sure
that the woman has a secured future. Taking note of the beneficiaries under the scheme, family
members should comprise of wife, husband, unmarried son or unmarried daughter. Along with this,
an adult earning member of the family, irrespective of the marital status, can be the owner of the
house provided as per PMAY scheme. Certainly, maximum loan tenure allowed to economically
weaker section (EWS), Low Income Group (LIG), and Middle Income Group (MIG) is 20 years for all.

Mandatory Income and Loan Amounts:

  • People with income up to 3 lakhs per year are categorized as economically weaker section.They are allowed to take a maximum home loan, under PMAY, as 6 Lakhs.
  • People with income wavering between 3 and 6 lakhs per year are categorized as low income group. They are allowed to take a home loan of 6 Lakhs at the max.
  • People with Middle Income Group I having income between 6 to 12 Lakhs can take a maximum home loan for 9 Lakh.
  • People with Middle Income Group II with income between 12 and 18 lakhs can avail a homeloan of maximum of 12 Lakh.

Categorization of Pradhan Mantri Awas Yojana:

  • Pradhan Mantri Awas Yojana Urban: Under the PMAY scheme, urban section has 4331 towns and cities covered. It also comprises of special area development authority, urban development authority, industrial development authority, notified planning, development area, and authorities for urban planning and regulations. As stated by the central government, this scheme tends to progress in three phases. The first one will cover 100 cities in selected states and union territories between April 2015 and March 2017. On the other hand, phase 2 will cover 200 more cities from April 2017 to March 2019. However, the final phase will cover remaining cities from April 2019 to March 2022. According to PMAY, “housing for all” is pledged to be completed by March 2022.
  • Pradhan Mantri Awas Yojana Gramin: Previously known as Indira Awas Yojana, it was renamed as PMAY-G in March 2016. Under the scheme, it has been planned that housing accessibility will be extended to people living in rural areas; not Delhi and Chandigarh. The purpose behind the scheme is to elevate the financial condition of the poor and homeless people by allowing loan to them for the construction of pucca houses. As a part of the scheme, applicants living in the plain areas can avail up to a loan of 1.2 lakhs; while, the beneficiaries from North-Eastern region can take a home loan up to 1.3 lakhs.

It has been noted that the amount made available to the beneficiaries will be shared by the central and state government, collectively. In the plain areas, the sharing ratio will be 64:40; while the ratio in North-Eastern region will be 90:10.

Pradhan Mantri Awas Yojana has been considered extremely brilliant for the people, who are not able to afford a home. In fact, it is a blessing in disguise for poor people, who cannot afford to purchase a dwelling on their own. According to the PMAY scheme, the loan amount provided to EWS or LIG and MIG applicants will be accessible with subsidy of 6.50 percent for EWS and LIG. While, the MIG I and II will have a subsidy of 6 and 4 percent respectively. It is a wonderful scheme offered by the central government. The eligible people like weaker sections, poor people living in urban or rural areas, schedule caste, and other backward class can apply online or take the form from their nearest Common Service Center (CSC) at a price of Rs. 25 with GST.

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